An opportunity to create a sustainable office development with an attractive purchase price is being offered at Trimleston House, part of the Beech Hill Office Campus in Clonskeagh, south Dublin.
Knight Frank is offering two high-quality, three-storey, semidetached office blocks extending to 3,000sq m (32,300 sq ft) gross internal area, along with 89 surface-level car-parking spaces.
Probably the first point of interest to investors seeking a gilt-edged asset is the price. The two blocks are being offered to market for €4.6 million, or about €140 per sq ft. This is a considerable discount, of some 36 per cent, on the amount sought in October 2021, when the buildings were last brought to the market seeking €7.25 million (about €222 per square foot).
The price difference may reflect the current availability of newer office space in Dublin. But the asking price, key location and available parking give a potential asset builder the chance to develop a sustainable asset at significantly less cost and time than it takes to deliver a new build.
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Making a few changes to replace the gas boilers with electric heating, better insulation and more energy-efficient glazing in the existing windows would potentially leave the investor with a prime asset on their hands.
The buildings already have good underfloor services and could not be built now for the €140 per square foot asking price.
Block 1A is let to Mars Capital until January 15th, 2026. The office block extends to almost 1,800sq m (19,300sq ft) over three floors, together with the benefit of 54 car parking spaces.
With a passing rent roll of €400,000 annually (€18 per square foot and €1,000 per car space), Knight Frank commented that the building is “significantly under rented” and thus presents “scope to capture attractive net reversionary returns following a potential refurbishment”.
Block 1B extends to approximately 13,000sq ft and offers flexible, vacant space suitable for single or multiple occupation which will benefit from refurbishment work. Block 1B also benefits from 35 car parking spaces.
The income stream from Block 1A would be a valuable resource while Block 1B was being upgraded.
Paul Hanly of Knight Frank said the current sale offers “an opportunity to make better sustainable use of these well-located buildings with excellent parking provisions”.
Knight Frank expects potential achievable net reversionary returns upwards of 9 per cent.
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